“I want to thank, Doug, first of all, Dr. Elmendorf and your entire CBO staff for your hard work on the release on the annual Budget and Economic Outlook.

“We have a compressed timeline this year given the tardiness of the President’s budget, given our Easter coming earlier. So we know that CBO is going to be pushed extra hard this year, and I know you’re working really hard around the clock over there. So first off, I want to start off by saying thank you for all you’ve done.

“There’s no question about it. Our fiscal and economic outlook is grim. According to CBO’s outlook, 2012 will mark the fourth straight year of trillion dollar deficits. Trillions more dollars will be added to the debt in the years ahead, putting a chilling effect on job creations today and committing the next generation to a diminished future.

“CBO projects economic growth to remain sluggish and the unemployment rate to hover near 9% through 2014. This report confirms what too many Americans already painfully are aware of: President Obama’s economic policies simply are not working.

“The President and his party’s leaders successfully enacted much of their agenda. But they have failed to advance policies that get our economy growing. They have failed to advance solutions that get our fiscal house in order. And in the Senate, they have failed to pass a budget in over 1,000 days.

“The problems have been growing for years, and there is no question that the blame is bipartisan in nature.

“For years, politicians from both political parties have failed to be honest with the American people about the size and scope of this debt threat.

“The new House majority has worked to chart a new course.

“In this committee, we authored and advanced a principled reform agenda that provides a brighter fiscal and economic outlook.

“In response to our budget, the President and his party leaders have still yet to put forward a credible plan to solve our country’s problems.

“Look, we have a big difference of opinion on the big question of the day. But I hope CBO’s alarming report encourages us to focus on the urgent need for real solutions instead of resorting to the same old false attacks with no alternatives.

“Let’s build upon the sensible spending cuts enacted last year on a bipartisan basis.

“Here at the House Budget Committee, we’ve worked in a bipartisan manner to advance budget reforms aimed at reducing the deficit and improving accountability.

“There are ongoing efforts to build a bipartisan coalition on the critical need to save and shrink Medicare, for example.

“I invite the President, my friends across the aisle, to join us in this conversation.

“The CBO’s outlook could not be more ominous.

“I look forward to your testimony, Dr. Elmendorf, which I hope can inform and guide this committee as we work to advance solutions in the year ahead.”